Warren Buffett on The Intelligent Investor

Summary

In this heartfelt transcript, the speaker reflects on the profound impact Ben Graham had on his life, both personally and professionally. Discovering 'The Intelligent Investor' in 1949, the speaker credits Graham's teachings for shaping his investment philosophy and life path. The speaker later had the privilege of learning from Graham at Columbia University and working under him, forming a lifelong friendship. The speaker fondly recounts Graham's generosity, intellect, and the human side of the legendary investor, emphasizing Graham's selfless sharing of knowledge and his influence on the field of security analysis.

Takeaways

• 📚 The speaker discovered 'The Intelligent Investor' in 1949, which profoundly influenced their investment philosophy and life path.
• 🏫 In 1949, the speaker was 19 and in Lincoln, Nebraska, where the encounter with Ben Graham's book occurred.
• 🤝 The speaker had the opportunity to know Ben Graham personally when he became his professor at Columbia University.
• 💼 After offering to work for free, the speaker eventually received a job offer from Ben Graham and accepted it without discussing the salary.
• 💡 Ben Graham's ideas provided the foundation for the speaker's investment philosophy, which has remained largely unchanged since reading the book.
• 👶 The speaker named their first son Howard Graham Buffett, with the middle name honoring Ben Graham.
• 🎁 Ben Graham was a generous man, as shown by his gifts to the speaker, such as a camera and movie projector for the birth of his son.
• 💃 Ben Graham also humorously addressed the speaker's dancing skills by giving a certificate for dance lessons.
• 🌴 The speaker visited Ben Graham in California, where he continued to be encouraged and supported by him.
• 🤝 The speaker emphasizes the difficulty of reciprocating Ben Graham's kindness and generosity, as his contributions were selfless.
• 🕊️ The speaker highlights the human side of Ben Graham, which was as impressive as his intellectual contributions to the field of security analysis.
• 📖 Ben Graham's 'Security Analysis' was written during the Great Depression and has remained influential for over 75 years, a testament to his intellectual prowess.
• 🌟 Despite his exceptional intellect, Ben Graham was not arrogant but rather a humble and generous person, sharing his knowledge with students and even future competitors.
• 👨‍🏫 Ben Graham's dedication to teaching and helping students was evident in his willingness to share current investment examples and insights, even though they might not benefit him directly.

Q & A

What significant event occurred in the speaker's life in 1949?

The speaker discovered a copy of 'The Intelligent Investor' by Ben Graham, which profoundly changed his investment philosophy and life.

How did the speaker's encounter with 'The Intelligent Investor' impact his future?

It provided him with a solid foundation for his investment philosophy that has remained unchanged since he read the book, and it set him on the right path in life.

What did the speaker do after reading 'The Intelligent Investor'?

He applied to Columbia University, where he later got to know Ben Graham personally as his professor.

What was the speaker's initial offer to work for Ben Graham?

The speaker offered to work for Ben Graham for no salary, but Graham considered him overpriced at the time.

How did Ben Graham eventually offer the speaker a job?

A few years after the speaker's initial offer, Ben Graham sent him a letter inviting him to meet in New York, where he then offered the speaker a job.

What was the speaker's experience like working for Ben Graham?

The speaker found the experience inspiring, being around Ben Graham every day, and they developed a lasting friendship.

Why did the speaker name his first son after Ben Graham?

As a tribute to the significant influence Ben Graham had on the speaker's life, he gave his first son the middle name of Graham.

What personal gift did Ben Graham give to the speaker when his first son was born?

Ben Graham gave the speaker a camera and a movie projector to record the moments of his son's life.

What did Ben Graham do for the speaker regarding his perceived lack of dancing ability?

Ben Graham gave the speaker a certificate for free dance lessons at the Arthur Murray Dance Studio.

How did the speaker describe Ben Graham's character in relation to his intelligence?

Despite being exceptionally intelligent, Ben Graham was humble and did not behave in an arrogant manner or with a sense of superiority.

What was the speaker's view on Ben Graham's impact on the field of security analysis?

The speaker believes that Ben Graham had a profound influence on the profession of security analysis, as well as on the speaker's own investment strategies.